Melrose Divests Assets in Texas
Melrose has completed the sale of its gas assets in South East Texas to Faulconer Resources 2010 Limited Partnership LLP for a cash consideration of $5.8 million. The divested assets had net proven plus probable reserves of 2.5 Bcf (year end 2010), production of 1.2 MMcfpd (average first half 2011) and the consideration received exceeded book value.
Commenting on the above, David Thomas, Chief Executive, said, "We are pleased to complete the sale of our remaining gas leases in South East Texas which effectively concludes the divestment of Melrose's US asset portfolio. We can now fully focus the Company's resources on our established core areas in Egypt and the Black Sea and on business development opportunities in areas where we have competitive advantages."
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